MIRA
INFORM REPORT
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Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED |
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Registered Office : |
Village Wadivarhe Post, Gonde, Taluka-Igatpuri, Nashik – 422 403, |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
19.07.2000 |
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Com. Reg. No.: |
11-127807 |
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Capital Investment / Paid-up Capital : |
Rs.3149.349 millions |
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CIN No.: [Company
Identification No.] |
U27100MH2000PTC127807 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Varieties of Steel Engineering Products. |
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No. of Employees
: |
600 Approximately (250 in Office, 350 in Factory (including contract
workers) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 19000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Avinash Gandhi |
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Designation : |
Finance Controller |
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Date : |
06.07.2011 |
LOCATIONS
|
Registered Office / Factory: |
Village Wadivarhe Post, Gonde, Taluka-Igatpuri, Nashik – 422 403, |
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Tel. No.: |
91-2553-225182 |
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Fax No.: |
91-2553-225181 |
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E-Mail : |
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Website : |
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Area : |
7 acres |
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Location : |
Owned |
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Branches : |
303, Sigma, |
DIRECTORS
As on 23.11.2010
|
Name : |
Dr. Dippel Heinz Johannes |
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Designation : |
Whole Time Director |
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Address : |
Saderweg 12 44803, |
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Date of Birth/Age : |
27.08.1960 |
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Qualification : |
Doctorate in Economics |
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Experience : |
18 Years |
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Date of Appointment : |
01.10.2009 |
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DIN No. : |
02794543 |
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Name : |
Mr. Mathur Chandrashekhar |
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Designation : |
Director |
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Address : |
A-12, Nizamuddin East, |
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Date of Birth/Age : |
10.02.1951 |
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Date of Appointment : |
09.09.2000 |
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DIN No. : |
00003232 |
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Name : |
Mr. Konrad Franz Noertersheuser |
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Designation : |
Managing Director |
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Address : |
TKES Bunglows, Plot No. 3-4-5, S No. 956-1 A, Near Bhujbal Farm,
Nashik – 422 009, |
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Date of Birth/Age : |
15.07.1947 |
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Qualification : |
Master degree in Mechanical Engineering, University for Applied
Science in |
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Experience : |
39 Years |
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Date of Appointment : |
01.03.2006 |
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Date of Ceasing : |
31.03.2010 |
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DIN No. : |
00368811 |
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Name : |
Dr. Adam Gerd Henrik |
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Designation : |
Director |
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Address : |
5141671090 AM, Roland 28, 40883, |
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Date of Birth/Age : |
17.04.1964 |
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Date of Appointment : |
26.11.2009 |
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DIN No. : |
02794514 |
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Name : |
Mr. Bhattacharjee Bidyut Joydeep |
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Designation : |
Whole Time Director |
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Address : |
H 17, Thakkars Retreat, Juna Gagapur Naka, |
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Date of Birth/Age : |
14.11.1968 |
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Qualification : |
B.E.- Metallurgical |
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Experience : |
21 Years |
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Date of Appointment : |
01.01.2010 |
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DIN No. : |
02813496 |
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Name : |
Mr. Iyer Kesava Venkatesan |
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Designation : |
Managing Director |
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Address : |
Plot No. 41, SSA Ashwin Nagar, CIDCO, Nashik – 422 009, |
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Date of Birth/Age : |
14.07.1962 |
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Qualification : |
B.Sc, A.C.A. |
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Experience : |
23 Years |
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Date of Appointment : |
01.04.2010 |
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DIN No. : |
00056671 |
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Name : |
Dr. Thiemann Hans Michael |
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Designation : |
Director |
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Address : |
Flat No. 409, 410, Samudra Mahal Premises, |
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Date of Birth/Age : |
25.08.1946 |
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Date of Appointment : |
30.11.2007 |
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DIN No. : |
00061988 |
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Name : |
Mr. Peter Biele |
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Designation : |
Director |
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DIN No. : |
02859931 |
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Name : |
Mr. Heinz Pafferath |
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Designation : |
Director |
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DIN No. : |
02859965 |
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Name : |
Mr. Luc Claude Marie Vendeville |
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Designation : |
Additional Director |
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Address : |
32, Rue Edgar Quinet 62400, Bethune – 000000 |
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Date of Birth/Age : |
12.09.1958 |
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Date of Appointment : |
23.11.2010 |
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DIN No. : |
03378972 |
KEY EXECUTIVES
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Name : |
Mr. Tushar Janardan Lakhmapurkar |
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Designation : |
Secretary |
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Address : |
Shivlila Row House No. 1, Opp. Van Vaibhav Indira Nagar, Nashik – 422
009, |
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Date of Birth/Age : |
12.01.1969 |
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Date of Appointment : |
06.11.2006 |
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PAN No. : |
AALPL5779Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.11.2010
|
Names of Shareholders |
No. of Shares |
|
Thyssen Krupp Electrical Steel GMBH |
314934880 |
|
Thyssen Krupp Electrical Steel Verwaltung Sgesellschaft MBH |
20 |
|
Total |
314934900 |
As on 23.11.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Varieties of Steel Engineering Products. |
GENERAL INFORMATION
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No. of Employees : |
600 Approximately (250 in Office, 350 in Factory (including contract
workers) |
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Bankers : |
· Deutsche Bank, Mumbai Main Branch ·
HSBC Bank, Mumbai Main Branch ·
ABN AMRO Bank, Mumbai |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Road, Lower
Parel, Mumbai – 400 013, Maharashtra, India |
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Holding Company: |
Thyssenkrupp Electrical Steel GMBH |
CAPITAL STRUCTURE
As on 23.11.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
340000000 |
Equity Shares |
Rs.10/- each |
Rs.3400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
314934900 |
Equity Shares |
Rs. 10/- each |
Rs.3149.349
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
3149.350 |
3149.350 |
3149.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1711.810 |
1419.370 |
1507.480 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4861.160 |
4568.720 |
4656.830 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.430 |
1.320 |
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TOTAL BORROWING |
0.000 |
0.430 |
1.320 |
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DEFERRED TAX LIABILITIES |
0.000 |
9.290 |
100.620 |
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TOTAL |
4861.160 |
4578.440 |
4758.770 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1238.830 |
1461.490 |
1740.070 |
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Capital work-in-progress |
256.280 |
24.410 |
53.630 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
85.940 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2042.210
|
2660.570 |
2033.380
|
|
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Sundry Debtors |
1068.800
|
830.920 |
1214.750
|
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Cash & Bank Balances |
1209.780
|
601.580 |
596.700
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
371.900
|
377.740 |
265.490
|
|
Total
Current Assets |
4692.690
|
4470.810 |
4110.320 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1211.190 |
790.240
|
|
|
Other Current Liabilities |
|
78.900 |
126.340
|
|
|
Provisions |
428.510
|
88.180 |
228.670
|
|
Total
Current Liabilities |
1412.580
|
1378.270 |
1145.250
|
|
|
Net Current Assets |
3280.110
|
3092.540 |
2965.070
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4861.160 |
4578.440 |
4758.770 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
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SALES |
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Income |
7801.000 |
6263.410 |
7695.200 |
|
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Job Work income |
NA |
0.000 |
0.600 |
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|
|
Other Income |
159.000 |
110.150 |
72.850 |
|
|
|
TOTAL (A) |
NA |
6373.560 |
7768.650 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
NA |
4799.720 |
4626.130 |
|
|
|
Manufacturing Cost |
|
762.200 |
894.990 |
|
|
|
Personnel Cost |
|
261.050 |
237.510 |
|
|
|
Other Expenses |
|
181.670 |
271.290 |
|
|
|
Impairment Loss |
|
84.430 |
0.000 |
|
|
|
Reversal of impairment loss |
|
0.000 |
(192.260) |
|
|
|
TOTAL (B) |
NA |
6089.070 |
5837.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
762.000 |
284.490 |
1930.990 |
|
|
|
|
|
|
|
|
|
Less |
FINANCE
COST (D) |
6.000 |
10.840 |
13.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
756.000 |
273.650 |
1917.960 |
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|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
317.000 |
399.200 |
347.390 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
439.000 |
(125.550) |
1570.570 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.000 |
(37.440) |
541.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
292.000 |
(88.110) |
1029.520 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1420.000 |
1507.480 |
477.960 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1712.000 |
1419.370 |
1507.480 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
131.760 |
368.700 |
413.160 |
|
|
|
Commission received |
NA |
4.500 |
5.520 |
|
|
TOTAL EARNINGS |
NA |
373.200 |
418.680 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
4347.230 |
4098.930 |
|
|
|
Stores & Spares |
|
38.840 |
35.620 |
|
|
|
Capital Goods |
|
53.820 |
51.460 |
|
|
TOTAL IMPORTS |
3934.860 |
4439.890 |
4186.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.93 |
(0.28) |
3.27 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
NA
|
(1.38) |
13.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63
|
(2.00) |
20.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.40
|
(2.12) |
26.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
(0.03) |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.30 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
3.24 |
3.59 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
PARTICULARS |
As
on 30.09.2010 (Rs.
In Millions) |
As
on 30.09.2009 (Rs.
In Millions) |
As
on 30.09.2008 (Rs.
In Millions) |
|
Dues to Micro and Small |
Details are not
available |
0.000 |
0.250 |
|
ThyssenKrupp Electrical Steel GMBH |
|
796.530 |
495.270 |
|
ThyssenKrupp Steel Europe AG |
|
180.230 |
41.110 |
|
Other |
|
234.430 |
253.610 |
|
Total |
|
1211.190 |
790.240 |
REVIEW OF
OPERATIONS
During the year, the
financial performance of the Company was better than previous year, and
significantly higher than initially expected. The company has achieved a sales
turnover of Rs.7801 Mio, as compared to Rs.6263 Mio in the previous year, and
an increase of 25% over the previous year. The better than anticipated results
are mainly due to improved market share, higher sales volume and aggressive
cost reduction measures implemented by the company.
STEEL INDUSTRY:
OVERVIEW AND OUTLOOK
The company’s
future looks positive due to better than anticipated outlook for overall
industry, fast recovery out of global recession, swift measures taken by
Government of India in the form of liberal support to industries to stimulate
the growth and the liquidity support by Reserve Bank of India. Government’s
continuous support for development of infrastructure, including road
construction and power plants will lead to better demand of steel including the
electrical steel.
The general
feedback from most of the customers show positive sign and improved order-book
position, compared to previous year. Even though recovery of market is at brisk
pace, increase in input costs shows similar pace of market recovery which
indicates margins would be under pressure. However the company has put in place
adequate risk minimization efforts for cost take outs on various fronts,
adjusting market prices on quarterly basis and securing pre material
procurement with hedging strategy.
The company is
hopeful on the positive effects on investments that are underway, in the form
of venturing into stamping business, production of HGO in the near future and
improving finishing lines. The company will continuously focus on higher end of
the market, and improve quality and services to customer to retain and improve
the market share.
FIXED ASSETS
·
·
Buildings
·
Plants Machinery
·
Computers
·
Furniture and Office Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.